Investment Project for Climate Control Equipment Production to Be Implemented in PSEZ "Ulyanovsk"

The agreement was signed on 4 December by Governor Sergey Morozov, Sergey Vasin (Director General of Ulyanovsk Region Development Corporation) and the head of the investing company.

“The special economic zone is one of our main sites to place new facilities, as well as to develop freight logistics and international trade. The duty-free zone regime increases export of products made in the Ulyanovsk region. The companies working here have already invested about three billion rubles in the region's economy and created about 700 new jobs. Residents include companies specializing in various fields: from wholesale trade and logistics to production of aircraft and automotive components and other industries,” - said Sergey Morozov.

The production of climate control equipment will be carried out in the Special Economic Zone "Ulyanovsk". The project is to be implemented in two stages: during the first one, it is planned to organize a facility for the assembly of heating systems; and production of full-cycle air conditioning systems will be established during the second. The company intends to build a manufacturing building on a land plot of one hectare located in PSEZ by 1 December, 2023. Then the investor will begin implementing the second stage. Investment into the project will total 100 million rubles; 50 jobs will be created for residents of the region.

“There is a Korean company in PSEZ that is going to create a joint venture together with its Russian partner and build two facilities. The investor from South Korea is one of the leaders among manufacturers of heating and air conditioning systems. This site at the special zone has a special customs regime, thanks to which the company will be able to export up to 70% of its products abroad on favorable terms,” - said Sergey Vasin, CEO of the Ulyanovsk Region Development Corporation.

Marina Alekseeva, First Deputy Prime Minister of the region, talked about the importance of developing business connections with foreign partners.

She said, “We are happy to see new investors coming to our region. This once again proves that our decisions in terms of the investment policy are effective. We work closely with business associations from Korea; in particular, with KOTRA, a state-funded trade and investment promotion organization created by the Government of South Korea. We are also discussing implementation of Korean companies' investment projects in the region. The Russian-Korean partnership has prospects for the joint development of the Russian and international market.”